AARP members are all over 50 years of age and looking to retire. With the current financial ripples, waves or tsunami effect on the share markets of the world many of the funds that AARP members have put their retirement monies into have lost value. These lost values will be most felt by AARP members who are/were planning to retire in the next 24 months. If you Google individual companies you will discover information which may well tell you whether then company will survive.
The income that these AARP were expecting to receive will not happen. Why? Sadly because Wall Street greed, mismanagement and maybe in some cases fraudulent behaviour has led to the collapse of the financial structure of America. The terrorists of the world could not have done as good job of bringing America to her knees as have the financial gurus of Wall Street.
I have just looked at the AARP Financial web site. There is a chart that shows what you can achieve taking advantage of the Individual Retirement Account (IRA). Assuming you are over 50 you can contribute certain maximum amounts with an additional $1000 catch up amount.
The chart shows that after 20 years your assets will be $237,154 with out the additional $1000 catch up amount. With the $1000 catch up payment your assets will be $276,147.
There are some assumptions. Investments are made on Jan 1 each year and return 6% annual return, plus no tax effect on either contributions or withdrawals. To arrive at these figures the individual AARP member at age 50 would have to contribute $4000 in 2006/2007 and $5000 in 2008 and each year thereafter. Those who take advantage of the catch up contributions would pay in 2006/2007 $5000, and $6000 in 2008 and beyond. After 2008 there is a 3% upward adjustment rounded to $500.
So what is the total cost to get the $237,154 and $276,147 amounts respectively ignoring the 3% upward adjustment, $98,000 and $118,000. That does not look too bad a 242% and a 234% increase respectively for no catch up payment and with the catch up payment.
Remember if you are an AARP member you have no control basically over how the money is invested.
Now I am going to show all AARP members what could happen if you decide to invest in a home business that has been around for 9 years and is run by an honest individual who has turned the home business upside down with his business model.
If you were to invest $1000 on Jan 1 (we will use the exact same time frame as above. After 20 years you would have $1,370,411. That is assuming you reinvested all profits back into the business. That is what Warren Buffet did, he poured all of his profits back into his business with Berkshire Hathaway.
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